The Effect of Profitability and Leverage on Stock Return of Food and Beverage Companies
Keywords:
Leverage, Profitability, Stock returns, Return on Equity, Debt to Equity Ratio
Abstract
This study aims to examine and analyze the effect of profitability and leverage on stock returns. The research approach used in this study is quantitative, focusing on 6 of the 16 food and beverage companies listed on the Indonesia Stock Exchange in 2009-2013. Sampling using purposive sampling method, with the criteria that the companies listed on the Stock Exchange during 2009-2015 complete with data related to the variables in this study. Data collection uses the documentation method (secondary data). Data analysis used profitability analysis, leverage analysis, stock return analysis, classical assumption test (test normality, multicollinearity test, and heteroscedasticity test). Multiple regression analysis, coefficient of determination test, simultaneous significance test, and partial test. The results show that profitability and leverage affect stock returns, with profitability as the dominant variable.
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References
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Ari, A. S. D. (2010). Manajemen Keuangan Lanjutan. Graha Ilmu.
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Asraf, A., & Desda, M. M. (2020). Analysis of the effect of operating leverage and financial leverage on companies profitability listed on Indonesia Stock Exchange. Ilomata International Journal of Management, 1(2), 45-50.
Bintara, R. (2020). The Effect of Working Capital, Liquidity and Leverage on Profitability. Saudi Journal of Economics and Finance Abbreviated, 4(1), 28-35.
Carlo, M. A. (2014). Pengaruh Return on Equity, Dividend Payout Ratio, dan Price to Earnings Ratio pada Return Saham. E-Jurnal Akuntansi Universitas Udayana, 7(1), 150–164.
Chasanah, N., & Sucipto, A. (2019). Liquidity ratio, profitability, and solvency on stock returns with capital structure as an intervening variable (study on food and beverage sub sector listed in Indonesia Stock Exchange (Idx) period 2013-2017). Ekspektra: Jurnal Bisnis dan Manajemen, 3(1), 52-68.
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Dioha, C., Mohammed, N. A., & Okpanachi, J. (2018). Effect of firm characteristics on profitability of listed consumer goods companies in Nigeria.
Djazuli, A. (2017). The Relevance of Leverage, Profitability, Market Performance, and Macroeconomic to Stock Price. Ekonomi Bisnis, 22(2), 112-122.
Fajaria, A. Z., & Isnalita, N. I. D. N. (2018). The effect of profitability, liquidity, leverage and firm growth of firm value with its dividend policy as a moderating variable. International Journal of Managerial Studies and Research (IJMSR), 6(10), 55-69.
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Hashim, S. L. B. M., & Shahrumzaki, N. I. I. B. (2020). The Impact of Profitability, Leverage and Dividend on the Share Price of Food and Beverage Sector in Malaysia. Global Business & Management Research, 12(4).
Herawati, A., & Putra, A. S. (2018). The influence of fundamental analysis on stock prices: The case of food and beverage industries. European Research Studies Journal, 21(3), 316-326.
Husain, T., & Sunardi, N. (2020). Firm's Value Prediction Based on Profitability Ratios and Dividend Policy. Finance & Economics Review, 2(2), 13-26
Husnan, S. (2005). Dasar-Dasar Teori Portofolio dan Analisis Sekuritas, Edisi 3. Yogyakarta: Upp Stim Ykpn.
Jumady, E., Sugiarto, S., & Latief, F. (2021). Management performance analysis based on total quality management principles. Point Of View Research Management, 2(1), 10-18.
Krisnanto, B. (2021). Analysis of Financial Performance: Report Study of PT. Bank Panin. Point Of View Research Management, 2(2), 104-122.
Ligocká, M., & Stavárek, D. (2019). The relationship between financial ratios and the stock prices of selected European food companies listed on stock exchanges. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 67(1), 299-307.
Mahzura, T. A. S. (2018). The Analysis of The Influence of Financial Performance, Company Size, Ownership Structure, Leverage and Company Growth on Company Values in Food and Beverage Industry Companies Listed in IDX 2012-2016 Period. International Journal of Public Budgeting, Accounting and Finance, 1(4), 1-12.
Manduh, H. (2004). Analisis Laporan Keuangan. UPP AMP YKPN.
Mariani, N. L. L., Yudiaatmaja, F., Yulianthini, N. N., & SE, M. (2016). Pengaruh profitabilitas dan leverage terhadap return saham. Jurnal Manajemen Indonesia, 4(1).
Markonah, M., Salim, A., & Franciska, J. (2020). Effect of profitability, leverage, and liquidity to the firm value. Dinasti International Journal of Economics, Finance & Accounting, 1(1), 83-94.
Martani, D., & Khairurizka, R. (2009). The effect of financial ratios, firm size, and cash flow from operating activities in the interim report to the stock return. Chinese Business Review, 8(6), 44.
Martono, & Harijanto, A. (2008). Manajemen Keuangan (2nd ed.). Ekonisia.
Murniati, S. (2016). Effect of capital structure, company size and profitability on the stock price of food and beverage companies listed on the Indonesia Stock Exchange. Information Management and Business Review, 8(1), 23-29.
Ngaisah, S. (2008). Pengaruh Rasio Profitabilitas dan Leverage Terhadap Return Saham pada Perusahaan yang terdaftar di Jakarta Ilamic Indextahun 2004-2006.
Ni Luh Lina Mariani, F. Y., & Yulianthini, N. N. (2016). Pengaruh Profitabilitas dan Leverage terhadap Return Saham. E-Journal Bisma Universitas Pendidikan Ganesha.
Nurfadila, N., & Muslim, M. (2021). Relationship between Tax Planning and Deferred Tax Expenses on Profit Management. Bongaya Journal for Research in Accounting (BJRA), 4(1).
Oroh, M. M., Rate, P. Van, & Kojo, C. (2019). Pengaruh Profitabilitas dan Leverage Terhadap Return Saham pada Sektor Pertanian di BEI Periode 2013-2017. Jurnal EMBA, 7(1), 661–670.
Pasaribu, R. B. (2008). The Influence of Corporate Fundamental to its Stock Price in Indonesian Public Companies. Journal of Economics and business, 2(2), 1-21.
Prihadi, T. (2010). Tujuh Analisis Rasio Keuangan Deteksi Cepat Kondisi Keuangan. Buku Kita.
Putra, I. R. R. (2013). Analisis pengaruh operating leverage dan financial leverage terhadap earning per share (EPS) di perusahaan properti yang terdaftar di BEI (2007-2011). Jurnal Ilmu Manajemen (JIM), 1(1).
Putranto, P., & Elan, K. (2018). Effect of Managerial Ownership and Profitability on Firm Value (Emprical Study on Food and Beverage Industrial Sector Company 2012 to 2015). European Journal Bussiness and Management, 10(25), 2018.
Raharjaputra, S. H. (2009). Buku Panduan Praktis Manajemen Keuangan dan Akuntansi untuk Eksekutif Perusahaan. Salemba Empat.
Rahmadini, A. A. (2015, September). The Affect Of Profitabilty, Leverage, And Liquidity Ratio To Stock Return (Case Study On Companies Of Food And Beverage Industry That Listing In Bursa Efek Indonesia). Seminar Nasional Hasil Penerapan Penelitian Dan Pengabdian Pada Masyarakat (SNHP3M) 2015 (Vol. 02 No. 01 Tahun 2015), Lembaga Pengabdian Kepada Masyarakat Dan Ventura Universitas Tarumanagara.
Robert, A. (1997). Buku Pintar Pasar Modal Indonesia. Mediasoft Indonesia.
Rohmadini, A., Saifi, M., & Darmawan, A. (2018). Pengaruh Profitabilitas, Likuiditas dan Leverage Terhadap Financial Distress (Studi Pada Perusahaan Food & Beverage Yang Terdaftar Di Bursa Efek Indonesia Periode 2013-2016). Jurnal Administrasi Bisnis, 61(2), 11-19.
Sa’adah, C. (2009). Pengaruh Rasio Profitabilitas dan Leverage Terhadap Return Saham Syari’ah di Bursa Efek Indonesia.
Santosa, P. W. (2020). The Effect of Financial Performance and Innovation on Leverage: Evidence from Indonesian Food and Beverage Sector. Organizations and Markets in Emerging Economies, 11(22), 367-388.
Setiyono, E., & Amanah, L. (2016). Pengaruh Kinerja Keuangan dan Ukuran Perusahaan terhadap Return Saham. Jurnal Ilmu Dan Riset Akuntansi, 5(5).
Sucitra, W. (2006). Pengaruh Rasio Profitabilitas dan Rasio Leverage Terhadap Harga Saham pada Perusahaan Manufaktur di BEI. Program Pasca Sarjana Universitas Sumatera Utara.
Sugiarto, A. (2011). Analisa Pengaruh Beta, Size Perusahaan, DER dan PBV Ratio terhadap Return Saham. Jurnal Dinamika Akuntansi, 3(1), 8–14.
Suhair, H. (2006). Pengaruh Rasio Profitabilitas dan Leverage Terhadap Return Saham Perusahaan Manufakturdi BEI.
Sutriani, A. (2014). Pengaruh Profitabilitas, Leverage, dan Likuiditas terhadap Return Saham dengan Nilai Tukar Sebagai Variabel Moderasi pada Saham LQ-45. Journal of Business and Banking, 4(1), 67 – 80.
Syamsuddin, L. (2011). Manajemen Keuangan Perusahaan. Rajawali Pers.
Tezar, M. (2020). Analysis Of The Effect Of Financial Performance On Food And Beverages Stock Return In Indonesia Stock Exchange Period 2015-2019. Dinasti International Journal of Education Management And Social Science, 2(1), 134-149.
Thamrin, Y. (2012). Analisis Current Ratio (CR) dan Debt Equity Ratio (DER) Terhadap Return Saham Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Universitas Hasanuddin Makassar.
Utami, E. S. (2019, October). Analysis Capital Structure on Indonesia Stock Exchange. In 2019 International Conference on Organizational Innovation (ICOI 2019) (pp. 686-690). Atlantis Press.
UTAMI, E. S., & HASAN, M. (2021). The role of corporate social responsibility on the relationship between financial performance and company value. The Journal of Asian Finance, Economics and Business, 8(3), 1249-1256.
Widyastuti, M. (2019). Analysis of liquidity, activity, leverage, financial performance and company value in food and beverage companies listed on the Indonesia Stock Exchange. SSRG International Journal of Economics and Management Studies (SSRG-IJEMS), 6(5), 52-58.
Ahmad, H., Mappatompo, A., & Muslim, M. (2018). Capital Ownership Structure And Decision On Fi-financial Market Reaction And Corporate Value. International Journal of Innovative Science and Re-search Technology, 3(9), 395-406.
Akroman. (2009). Pengaruh Rasio Keuangan (ROA dan ROE) dan EVA Terhadap Return Saham pada Perusahaan yang Terdaftar di JII Periode 2004-2006. Universitas Islam Negeri Sunan Kalijaga, Yogyakarta.
Ang, R. (1997). The Intelligent Guide To Indonesian Capital Market. Mediasoft Indonesia.
Angelia, N., & Toni, N. (2020). The Analysis of Factors Affecting Dividend Policy in Food and Beverage Sector Manufacturing Companies Listed in Indonesia Stock Exchange in 2015-2017. Budapest International Research and Critics Institute-Journal (BIRCI-Journal), 902-910.
Ari, A. S. D. (2010). Manajemen Keuangan Lanjutan. Graha Ilmu.
Arista, D., & Astohar. (2012). Analisis Faktor – Faktor yang Mempengaruhi Return Saham (Kasus pada Perusahaan Manufaktur yang Go Public di BEI Periode Tahun 2005 - 2009). Jurnal Ilmu Manajemen Dan Akuntansi Terapan, 3(1).
Arsyad, M., Haeruddin, S. H., Muslim, M., & Pelu, M. F. A. (2021). The effect of activity ratios, liquidity, and profitability on the dividend payout ratio. Indonesia Accounting Journal, 3(1), 36-44.
Asraf, A., & Desda, M. M. (2020). Analysis of the effect of operating leverage and financial leverage on companies profitability listed on Indonesia Stock Exchange. Ilomata International Journal of Management, 1(2), 45-50.
Bintara, R. (2020). The Effect of Working Capital, Liquidity and Leverage on Profitability. Saudi Journal of Economics and Finance Abbreviated, 4(1), 28-35.
Carlo, M. A. (2014). Pengaruh Return on Equity, Dividend Payout Ratio, dan Price to Earnings Ratio pada Return Saham. E-Jurnal Akuntansi Universitas Udayana, 7(1), 150–164.
Chasanah, N., & Sucipto, A. (2019). Liquidity ratio, profitability, and solvency on stock returns with capital structure as an intervening variable (study on food and beverage sub sector listed in Indonesia Stock Exchange (Idx) period 2013-2017). Ekspektra: Jurnal Bisnis dan Manajemen, 3(1), 52-68.
Deanta. (2009). Memahami Pos-Pos dan Angka-Angka dalam Laporan Keuangan untuk Orang Awam. Gava Media.
Dioha, C., Mohammed, N. A., & Okpanachi, J. (2018). Effect of firm characteristics on profitability of listed consumer goods companies in Nigeria.
Djazuli, A. (2017). The Relevance of Leverage, Profitability, Market Performance, and Macroeconomic to Stock Price. Ekonomi Bisnis, 22(2), 112-122.
Fajaria, A. Z., & Isnalita, N. I. D. N. (2018). The effect of profitability, liquidity, leverage and firm growth of firm value with its dividend policy as a moderating variable. International Journal of Managerial Studies and Research (IJMSR), 6(10), 55-69.
Hasanah, L. (2008). Analisis Pengaruh Leverage Keuangan dan Rasio Profitabilitas Terhadap Return Saham pada Perusahaan yang Terdaftar di Jakarta Islamic Index / JII Tahun 2005-2007. Universitas Islam Negeri Sunan Kalijaga Yogyakarta.
Hashim, S. L. B. M., & Shahrumzaki, N. I. I. B. (2020). The Impact of Profitability, Leverage and Dividend on the Share Price of Food and Beverage Sector in Malaysia. Global Business & Management Research, 12(4).
Herawati, A., & Putra, A. S. (2018). The influence of fundamental analysis on stock prices: The case of food and beverage industries. European Research Studies Journal, 21(3), 316-326.
Husain, T., & Sunardi, N. (2020). Firm's Value Prediction Based on Profitability Ratios and Dividend Policy. Finance & Economics Review, 2(2), 13-26
Husnan, S. (2005). Dasar-Dasar Teori Portofolio dan Analisis Sekuritas, Edisi 3. Yogyakarta: Upp Stim Ykpn.
Jumady, E., Sugiarto, S., & Latief, F. (2021). Management performance analysis based on total quality management principles. Point Of View Research Management, 2(1), 10-18.
Krisnanto, B. (2021). Analysis of Financial Performance: Report Study of PT. Bank Panin. Point Of View Research Management, 2(2), 104-122.
Ligocká, M., & Stavárek, D. (2019). The relationship between financial ratios and the stock prices of selected European food companies listed on stock exchanges. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 67(1), 299-307.
Mahzura, T. A. S. (2018). The Analysis of The Influence of Financial Performance, Company Size, Ownership Structure, Leverage and Company Growth on Company Values in Food and Beverage Industry Companies Listed in IDX 2012-2016 Period. International Journal of Public Budgeting, Accounting and Finance, 1(4), 1-12.
Manduh, H. (2004). Analisis Laporan Keuangan. UPP AMP YKPN.
Mariani, N. L. L., Yudiaatmaja, F., Yulianthini, N. N., & SE, M. (2016). Pengaruh profitabilitas dan leverage terhadap return saham. Jurnal Manajemen Indonesia, 4(1).
Markonah, M., Salim, A., & Franciska, J. (2020). Effect of profitability, leverage, and liquidity to the firm value. Dinasti International Journal of Economics, Finance & Accounting, 1(1), 83-94.
Martani, D., & Khairurizka, R. (2009). The effect of financial ratios, firm size, and cash flow from operating activities in the interim report to the stock return. Chinese Business Review, 8(6), 44.
Martono, & Harijanto, A. (2008). Manajemen Keuangan (2nd ed.). Ekonisia.
Murniati, S. (2016). Effect of capital structure, company size and profitability on the stock price of food and beverage companies listed on the Indonesia Stock Exchange. Information Management and Business Review, 8(1), 23-29.
Ngaisah, S. (2008). Pengaruh Rasio Profitabilitas dan Leverage Terhadap Return Saham pada Perusahaan yang terdaftar di Jakarta Ilamic Indextahun 2004-2006.
Ni Luh Lina Mariani, F. Y., & Yulianthini, N. N. (2016). Pengaruh Profitabilitas dan Leverage terhadap Return Saham. E-Journal Bisma Universitas Pendidikan Ganesha.
Nurfadila, N., & Muslim, M. (2021). Relationship between Tax Planning and Deferred Tax Expenses on Profit Management. Bongaya Journal for Research in Accounting (BJRA), 4(1).
Oroh, M. M., Rate, P. Van, & Kojo, C. (2019). Pengaruh Profitabilitas dan Leverage Terhadap Return Saham pada Sektor Pertanian di BEI Periode 2013-2017. Jurnal EMBA, 7(1), 661–670.
Pasaribu, R. B. (2008). The Influence of Corporate Fundamental to its Stock Price in Indonesian Public Companies. Journal of Economics and business, 2(2), 1-21.
Prihadi, T. (2010). Tujuh Analisis Rasio Keuangan Deteksi Cepat Kondisi Keuangan. Buku Kita.
Putra, I. R. R. (2013). Analisis pengaruh operating leverage dan financial leverage terhadap earning per share (EPS) di perusahaan properti yang terdaftar di BEI (2007-2011). Jurnal Ilmu Manajemen (JIM), 1(1).
Putranto, P., & Elan, K. (2018). Effect of Managerial Ownership and Profitability on Firm Value (Emprical Study on Food and Beverage Industrial Sector Company 2012 to 2015). European Journal Bussiness and Management, 10(25), 2018.
Raharjaputra, S. H. (2009). Buku Panduan Praktis Manajemen Keuangan dan Akuntansi untuk Eksekutif Perusahaan. Salemba Empat.
Rahmadini, A. A. (2015, September). The Affect Of Profitabilty, Leverage, And Liquidity Ratio To Stock Return (Case Study On Companies Of Food And Beverage Industry That Listing In Bursa Efek Indonesia). Seminar Nasional Hasil Penerapan Penelitian Dan Pengabdian Pada Masyarakat (SNHP3M) 2015 (Vol. 02 No. 01 Tahun 2015), Lembaga Pengabdian Kepada Masyarakat Dan Ventura Universitas Tarumanagara.
Robert, A. (1997). Buku Pintar Pasar Modal Indonesia. Mediasoft Indonesia.
Rohmadini, A., Saifi, M., & Darmawan, A. (2018). Pengaruh Profitabilitas, Likuiditas dan Leverage Terhadap Financial Distress (Studi Pada Perusahaan Food & Beverage Yang Terdaftar Di Bursa Efek Indonesia Periode 2013-2016). Jurnal Administrasi Bisnis, 61(2), 11-19.
Sa’adah, C. (2009). Pengaruh Rasio Profitabilitas dan Leverage Terhadap Return Saham Syari’ah di Bursa Efek Indonesia.
Santosa, P. W. (2020). The Effect of Financial Performance and Innovation on Leverage: Evidence from Indonesian Food and Beverage Sector. Organizations and Markets in Emerging Economies, 11(22), 367-388.
Setiyono, E., & Amanah, L. (2016). Pengaruh Kinerja Keuangan dan Ukuran Perusahaan terhadap Return Saham. Jurnal Ilmu Dan Riset Akuntansi, 5(5).
Sucitra, W. (2006). Pengaruh Rasio Profitabilitas dan Rasio Leverage Terhadap Harga Saham pada Perusahaan Manufaktur di BEI. Program Pasca Sarjana Universitas Sumatera Utara.
Sugiarto, A. (2011). Analisa Pengaruh Beta, Size Perusahaan, DER dan PBV Ratio terhadap Return Saham. Jurnal Dinamika Akuntansi, 3(1), 8–14.
Suhair, H. (2006). Pengaruh Rasio Profitabilitas dan Leverage Terhadap Return Saham Perusahaan Manufakturdi BEI.
Sutriani, A. (2014). Pengaruh Profitabilitas, Leverage, dan Likuiditas terhadap Return Saham dengan Nilai Tukar Sebagai Variabel Moderasi pada Saham LQ-45. Journal of Business and Banking, 4(1), 67 – 80.
Syamsuddin, L. (2011). Manajemen Keuangan Perusahaan. Rajawali Pers.
Tezar, M. (2020). Analysis Of The Effect Of Financial Performance On Food And Beverages Stock Return In Indonesia Stock Exchange Period 2015-2019. Dinasti International Journal of Education Management And Social Science, 2(1), 134-149.
Thamrin, Y. (2012). Analisis Current Ratio (CR) dan Debt Equity Ratio (DER) Terhadap Return Saham Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Universitas Hasanuddin Makassar.
Utami, E. S. (2019, October). Analysis Capital Structure on Indonesia Stock Exchange. In 2019 International Conference on Organizational Innovation (ICOI 2019) (pp. 686-690). Atlantis Press.
UTAMI, E. S., & HASAN, M. (2021). The role of corporate social responsibility on the relationship between financial performance and company value. The Journal of Asian Finance, Economics and Business, 8(3), 1249-1256.
Widyastuti, M. (2019). Analysis of liquidity, activity, leverage, financial performance and company value in food and beverage companies listed on the Indonesia Stock Exchange. SSRG International Journal of Economics and Management Studies (SSRG-IJEMS), 6(5), 52-58.
Published
2021-05-31
How to Cite
Ramlah, R. (2021). The Effect of Profitability and Leverage on Stock Return of Food and Beverage Companies. Point of View Research Management, 2(2), 139-150. Retrieved from http://journal.accountingpointofview.id/index.php/POVREMA/article/view/145
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